《The Evolution of Liquidity: Where Does the Money in the Crypto Market Come From, and Who Earns It?》 (Author: @agintender) This article outlines how exchanges, token fundraising, stablecoins, perpetual contracts, DeFi, aggregators, ETFs, and RWAs organize and distribute liquidity in the crypto market. The author believes that the core of the crypto industry's evolution over more than a decade is to continuously reduce the friction for funds entering trading and to provide reasons for funds with different purposes to participate.